SMBs are easy targets for cyberattacks
Despite cybersecurity threats being on the rise, many small and medium businesses (SMBs) still lack basic security measures, according to AI security company Cyber Upgrade.
It's no secret that hackers target smaller businesses due to inadequate cybersecurity safeguards, as most underestimate the associated risks as well as lacking the resources of larger enterprises.
"Every CEO knows that they have to lock the door after they leave the office, but some of them still underestimate the importance of protecting the digital perimeter of the company," says Aurimas Bakas, CEO and founder of Cyber Upgrade. "A cyberattack can result in revenues lost to ransom payments, downtime, remediation, legal costs, fines, and audit fees. A business may have to pass these costs onto their customers, compromising their competitiveness."
Smaller organizations may also be trusting false narratives, such as 'we are too small to be hacked', 'we have nothing valuable', and similar. "Every CEO should remember that hackers do not make exceptions for smaller enterprises; they deploy automated tools that can attack thousands of companies at the same time," Bakas adds.
Attacks on SMBs tend to rely less on advanced technological capabilities and more on exploiting human errors or weaknesses in foundational cybersecurity measures. This might involve sending phishing emails and combining them with social engineering attacks, or using ransomware to infect them with malware through unpatched systems.
Lack of resources means most smaller companies can't afford to hire experts who could implement necessary cyber security measures. However, automated solutions can significantly minimize the risks companies face in the digital space.
"Most cybersecurity issues happen because of human-related factors. Therefore, spreading awareness among employees can generate significant results. That's why we created a gamified bot that interacts with every employee and ensures that basic security measures are implemented. Thus 0.1 percent of cybersecurity is done daily," Bakas says.
You can find out more on the Cyber Upgrade site.
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